LINCOLN COMPOSITES to PROVIDE LARGE, HIGH PRESSURE TANKS FOR BULK GAS HAULING
Ålesund, Norway 12th February 2008 - Hexagon Composites ASA (NO: HEX) announced today that its wholly owned subsidiary, Lincoln Composites, Inc., has received an order in excess of 1 million USD from FIBA Canning Inc. for sixteen all-composite TitanTM tanks. The 1.08 m x 11.6 m TitanTM tanks will be used to carry large quantities of compressed natural gas in over-the-road applications.
The 8400 L TitanTM operated at a pressure of 250 bar weighs just 2087kg and can carry 2516 standard cubic meters (SCM) of compressed natural gas. Specifically designed for optimum haulage potential, four TitanTM tanks can be grouped inside a standard 40-foot ISO frame providing over 10,000 SCM of gas -more than double the gas volume at less than half the weight of a traditional steel tube solution.
"This initial order for the TITAN tank shows that our investment into the TITAN tank development and fabrication facility is well founded in the market place. We are pleased that a company as reputable as FibaCanning chose our TITAN tank over conventional steel tanks. We see this as the first of many opportunities that will realize the benefit of the TITAN tank," said Erik Espeset, President of Hexagon Composites Group
FIBA Canning Inc. specializes in providing their customers with the largest on road vehicles in the world for the transportation of industrial gases, in both compressed and liquid forms. www.fibacanning.com
Contact Info:
Lincoln Composites, Inc. Hexagon Composites ASA
Jack Schimenti Erik Espeset
Business Development Managing Director
(402) 464-6611 +47 70 11 6445
Lincoln Composites is a leading designer and manufacturer of filament wound, high pressure composite products for commercial markets. Lincoln Composites' products include: Natural Gas Vehicle (NGV) and hydrogen cylinders, modular fuel systems, accumulator cylinders, and oil and gas products. Over 80,000 TUFFSHELL® fuel cylinders have been sold for storage of compressed natural gas and hydrogen. Further information on Lincoln Composites is available at www.LincolnComposites.com.
Hexagon Composites ASA is a USD 100 million publicly traded corporation, listed on the Oslo Stock Exchange (HEX). The corporation is a global niche producer of pressure vessels and other composite products. In addition to Lincoln Composites, Inc., the Hexagon family of companies includes three other subsidiaries: Raufoss Fuel Systems AS; Ragasco AS; and Devold AMT AS. The Hexagon companies maintain market leadership positions due to the enabling technologies, the efficient manufacturing, and the value-added, quality products provided by each subsidiary. The Hexagon companies' products are used in a variety of applications.